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Rental growth in major Indian cities slowed to 2-4% in Q2 2024 due to increased housing supply, with the highest growth in Bengaluru’s Whitefield and Noida’s Sector 150. Top 7 cities are set to deliver 5.31 lakh new units in 2024

Residential rental price slows down in key cities as supply increases

<h2>Rental growth in major Indian cities slowed to 2-4% in Q2 2024 due to increased housing supply, with the highest growth in Bengaluru&rsquo;s Whitefield and Noida&rsquo;s Sector 150. Top 7 cities are set to deliver 5.31 lakh new units in 2024</h2>

After hitting a major peak post Covid, the rentals across major cities in India have settled down. This comes as housing supply keeps hitting the real estate market. The rentals are still growing, however, the rate of growth is hit with cities reporting 2-4% growth during April-June quarter in comparison to 4-9% growth in the previous quarter.
<h3>Rental surge in India</h3>
As per Anarock data, rent for a 1,000 sq ft 2BHK in Bengaluru&rsquo;s Whitefield was Rs 20,000 in 2019 but dipped to 18,500 by end of 2020 due to the pandemic. It jumped to Rs 30,200 in 2023 end and Rs 32,500 in Jan-Mar quarter of 2024 and further moved to Rs 33,700 in the current quarter.
The Economic Times report quoted experts and said that with more new supply entering the markets, highly speculative residential rental spike is coming to a halt. As per Anarock Bengaluru&rsquo;s Whitefield and Noida&rsquo;s Sector 150 witnessed highest 4% quarterly growth each in Q2 2024 against preceding quarter.
&ldquo;In India, the second quarter of most years typically sees rents increase more than in other quarters due to the commencement of the new academic year and the employment of new staff. This year, declining rental value growth coincides with substantial new housing supply entering these markets,&rdquo; said Santhosh Kumar, Vice Chairman, Anarock group.
Meanwhile, the average rents in Noida&rsquo;s Sector 150 rose by a mere 4% - from approximately Rs 24,000 a month in Q1 2024 to Rs 25,000 a month in the current quarter. The quarterly hike stood at 9% in Q1 2024 against Q4 2023.
Similarly Sohna Road in Gurgram and Dwarka in Delhi saw their respective quarterly rents increase by 3% and 2% in Q2 2024; in Q1 2024, the hikes stood at 4% and 6% respectively.
In Mumbai's Chembur and Mulund the average rent increased by just 2% against the preceding quarter (Q1 2024); in Q1 2024, they rose by over 4% against Q4 2023. Hyderabad's HITECH City and Gachibowli saw avg. rents rise by 3% each in Q2 2024 to date over the preceding quarter. In Q1 2024, the quarterly avg. rent hike in both these markets was 5%.
<h3>Housing supply surge</h3>
Meanwhile, the top 7 cities are set to deliver 5.31 lakh new units in 2024 while in 2023, these cities saw approximately 4.35 lakh units hit their markets. This would be a 22% annual supply increase this year if delivery schedules remain on track.
Among the top 7 cities, MMR is slated to see the highest completions at approximately 1,60,900 units in 2024. In 2023, the region saw approx. 1,43,500 units completed. NCR is expected to see 1,44,315 units delivered in 2024, against 1,14,280 units in 2023.
Also watch: <a href="https://www.editorji.com/business-news/after-a-double-digit-increase-rents-in-metro-cities-set-to-rise-even-higher-1680873204054">After a double digit increase, rents in metro cities set to rise even higher</a>

Rental housing in India's top 13 cities expanded 4.9% quarter-on-quarter as demand surged 18.1%, surpassing 9.6% supply growth, per Magicbricks index. Bengaluru rents rose 8.1%, Navi Mumbai 7.3%, Gurgaon 5.1%, while Delhi, Mumbai saw slight declines

House rentals increase 4.9% in June quarter: Magicbricks report

Rental housing in India's top 13 cities expanded 4.9% quarter-on-quarter as demand surged 18.1%, surpassing 9.6% supply growth, per Magicbricks index. Bengaluru rents rose 8.1%, Navi Mumbai 7.3%, Gurgaon 5.1%, while Delhi, Mumbai saw slight declines

The rental housing sector in India's top 13 cities continued to expand during the April-June period, with a notable 4.9% quarter-on-quarter increase in average rent, as per the the recent Magicbricks rental index.
The surge in demand outpaced supply growth, as the report outlines an 18.1% sequential rise in demand compared to a 9.6% increase in supply.
The analysis, which drew insights from the behavior and preferences of over 20 million users on the Magicbricks platform, identified distinct trends among various cities.
Bengaluru witnessed an 8.1% surge in rents, Navi Mumbai experienced a 7.3% uptick, and Gurgaon saw a 5.1% increase. On the other hand, Delhi and Mumbai saw marginal sequential declines of 0.9% and 0.1% in rents, respectively.
Magicbricks Chief Executive Sudhir Pai attributed the surge in rental demand over the past year to returning employees and students. The re-establishment of in-person work culture prompted the need for housing near workplaces. Similarly, the resumption of in-person education drew students back to city centres, further amplifying housing demand.
The report points out that as property values soared, homeowners opted for profitable property sales rather than rentals, leading to reduced supply. Coupled with heightened demand, this trend contributed to increased rents in key urban centres.
A consistent favourite, 2-BHK units dominated both demand and supply, commanding a 53% share. Following closely were 1-BHK apartments at 27%, and 3-BHK units at 18%. Interestingly, the demand for 3-BHK units declined from 36% in the previous quarter to 18%, reflecting a growing preference for compact living spaces. In contrast, the demand for 1-BHK units surged from 17% to 27%.
The report also highlighted affordability as a significant driver of demand in this quarter. Tenants primarily favoured rental accommodations with monthly rents ranging between ₹10,000 and ₹20,000. This preference was primarily observed within units spanning 500 to 1,000 sq ft of covered area.
Also Watch: <a href="https://www.editorji.com/business-news/luxury-homes-sales-in-india-rose-130-in-january-june-period-cbre-1690465653755">Luxury homes sales in India rose 130% in January-June period: CBRE</a>
&nbsp;

The rental market in India's metro cities are on an upward trajectory in the post-pandemic period. Key residential markets saw an average 23% growth in average monthly rentals between 2019 and 2022. 

After a double digit increase, rents in metro cities set to rise even higher

The rental market in India's metro cities are on an upward trajectory in the post-pandemic period. Key residential markets saw an average 23% growth in average monthly rentals between 2019 and 2022.&nbsp;

Rentals across India's top cities are skyrocketing. With more companies calling their employees back to office, rental demand has gone through the roof after it plunged during the pandemic.&nbsp;
A recent Anarock report says that housing rentals are further likely to go up this year. As per the report, key residential rental hotspots went up by as much as 23% between 2019 and 2022.&nbsp;
As per the Anarock report, houses of 2,000 sq. ft. area in Bengaluru saw rents going up by 16% from 2019 to 2022. The rent for a 1,000 sq.ft.area house jumped upto 18% in the same period.&nbsp; In fact, some reports suggest that rents in India's technology hub Bengaluru have nearly doubled since the start of 2022. Reportedly, renters in the city are going on a bidding war to get a roof over their heads. A report by No.broker.com shows that the rents in Bengaluru have gone up by 40%.
Mumbai, India's financial capital also saw rents rising. Among all the localities in the top 7 cities, Mumbai's Worli saw the highest growth of 18% for a luxury apartment. The average rent for a 2,000 sq.ft. home increased from Rs 2 lakh in 2020 to Rs 2.35 lakh in 2022. Similarly, a 1,000 sq.ft.area house saw an increase in rent of upto 13%.&nbsp;
Coming to Delhi-NCR, Noida's Sector-150 has remained at the top with the average monthly rental increasing 23% from Rs 15,500 to Rs 19,000 per month for a 1,000 sq.ft.home. NCR's Sohna road and Dwarka also saw rent rising 14% and 13% respectively. Luxury homes in Golf Course Extension Road had an average rental growth of 18% from Rs 49,000 to Rs 58,000.&nbsp;
Chennai, too witnessed a spike in rents. The rents of luxury apartments with 2,000 Sq.ft.area rose by up to 14%. Anna Nagar's average rent rose by 13% from Rs 56,000 per month to Rs 63,000 per month. Meanwhile, Kotturpuram's rent was hiked by 14% from Rs 74,000 to Rs, 84,000 per month. A 1,000 sq.ft.home in Chennai saw an average monthly rental hike of 17%.
While, prominent rental markets had double-digit rental growth between 2019 to 2022 for a 1,000 sq.ft.area, Hyderabad was an exception. As per Anarock data, key areas like Gachibowli and HITECH City recorded single-digit growth of 6% and 7%, respectively. Meanwhile, Hyderabad&rsquo;s Jubilee Hills luxury apartments (2,000 sq.ft.area) witnessed 17% jump in the same period from Rs 54,000 per month in 2019 to Rs 63,000 per month.&nbsp;
Anarock Chairman Anuj Puri earlier said "the current surge in the demand for rental accomodations is due to more offices opening up, consumers refraining from buying properties, as both property prices and interest rates continue to rise."&nbsp;
"As we move into 2023, the rental market in metro cities remains highly competitive, with strong demand for housing and limited supply of available units. We have seen a substantial increase in rental rates over the past few years, and anticipate that this trend will continue into 2023, with rental rates rising by an additional 8-10% on average",said Prerna Rawat, Property Consultant at Prerna and Company.
Meanwhile, some experts are of the opinion that rising layoffs in the tech industry, could lead to rental depreciation.

More than 1.5 million people live in Bengaluru, the capital of the Karnataka state, including employees of multinational corporations like Google, Amazon.com, Goldman Sachs Group, and Accenture Inc.

Bengaluru rents double as renters compete for apartments

More than 1.5 million people live in Bengaluru, the capital of the Karnataka state, including employees of multinational corporations like Google, Amazon.com, Goldman Sachs Group, and Accenture Inc.

Bengaluru, India's I-T capital, now has the nation's most sought after residential market thanks to rents that have nearly doubled since the beginning of last year.
According to market research data, landlords in the city now demand the highest percentage of the value of their property as rent, surpassing Mumbai.
Over 1.5 million people call the capital of Karnataka home, including employees of multinational corporations like Google, Amazon.com, Goldman Sachs Group, and Accenture Inc. Rents dropped as a result of employees leaving the city or moving to remote locations during COVID-19. Due to the recovery of Bengaluru's economy and private sector, landlords are now in a seller's market as they attempt to make up for missed income, reported business line.
According to Prashant Thakur, Head of Research at the real estate consulting company Anarock, the rental market is currently "too hot." "During Covid, many people returned to their hometowns, so apartments had to be leased out at extremely low rates. Since individuals are returning to work, landlords are raising rent to make up for their losses.
According to Anarock's data, rents have increased by double digits in a number of Bengaluru neighbourhoods since 2019, mirroring a larger increase in all of India's main cities. However, Bengaluru's more recent cost rise is greater because it was more severely affected by the pandemic, as per the business line.

As per a survey by Anarock property consultants, with employees returning to office, rental demand has seen a spike, with prices in the top 7 cities rising upto 23% since 2019. 

Home rental prices on the rise as employees head back to office

As per a survey by Anarock property consultants, with employees returning to office, rental demand has seen a spike, with prices in the top 7 cities rising upto 23% since 2019.&nbsp;

If you're planning to take a house on rent, or even renew your rental agreement, chances are you'll have to shell out more!&nbsp; The residential rental market has seen a big spike in demand and as a result rental prices. As per a survey by Anarock property consultants, with return-to-office, rental demand has seen a spike with prices in the top 7 cities rising upto 23% since 2019.&nbsp;
"As things stand now, rental demand will continue to head northward in 2023. The surge in rentals is driven by resurging demand on the back of most offices re-establishing normal in-office work," says Anuj Puri, Chairman, Anarock.&nbsp;
With both property prices and interest rates on the rise, the overall cost of property acquisition is increasing, and as a result people are deferring their property purchase decisions and choosing to rent instead.&nbsp; As per Anarock's survey, here are are how rental prices have moved in some of the more popular areas:&nbsp;
<ul>
<li>Noida&rsquo;s Sector-150 sees 23% growth in monthly rentals. 1,000 sq. ft. 2 BHK home has gone up from Rs 15,500 per month in 2019 to Rs 19,000 per month in 2022.</li>
<li>Pune&rsquo;s Hinjewadi &amp; Wagholi saw avg. monthly rentals go up by 20% &amp; 21% respectively in this period.</li>
<li>Bengaluru&rsquo;s Whitefield recorded 18% rental growth from Rs 19,000/month in 2019 to INR 22,500/month in 2022.</li>
<li>Top luxury housing markets saw up to 18% growth for homes of over 2,000 sq. ft.; NCR&rsquo;s Golf Course Extension saw rentals rising from Rs 49,000 per month in 2019 to Rs 58,000 per month in 2022.&nbsp;</li>
</ul>
&nbsp;

Twitter faces lawsuits over alleged unpaid rent for US HQ, UK office

Twitter has already been taken to court this month for falling behind on rent at another San Francisco office.

More landlords are taking Twitter to court over unpaid rent at the social media company's headquarters in San Francisco and its British offices &mdash; the latest legal headaches for billionaire owner Elon Musk, who has been trying to slash expenses.
Twitter is facing a lawsuit over allegations it failed to pay rent for its head office, according to California court documents. The owner of its premises in central London, meanwhile, said it's taking the company to court over rental debt.
Musk is making extreme cost cuts after his USD 44 billion deal last year to buy Twitter left the company on the hook for about USD 1 billion a year in interest payments.
Twitter has already been taken to court this month for falling behind on rent at another San Francisco office.
It comes as Musk has been testifying in recent days in a separate class-action lawsuit from Tesla investors alleging his 2017 tweet misled them about funding to take the electric carmaker private.
Also Watch: <a href="https://www.editorji.com/world-news/watch-elon-musk-finally-fulfills-youtuber-s-wish-to-hug-him-1674487502037">Watch Elon Musk finally fulfills YouTuber's wish to 'hug' him</a>

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